Significant YoY Revenue Growth
Full-year 2025 revenue of ~$237,000 versus $96,000 in 2024 — an increase of approximately 147% year-over-year, driven by licensing and nonrecurring engineering.
Improved Loss Metrics
Net loss narrowed to ~$20.3 million in 2025 from $22.5 million in 2024 (improvement of ~9.8%); loss per share improved to $0.16 from $0.19 (approximate 15.8% improvement).
Strengthened Balance Sheet and Cash Runway
Completed a public offering in December 2025 raising ~$32.8 million net (11.6M shares) plus a $4.9 million over-allotment in January 2026 (total ~$37.7M), resulting in year-end cash of ~ $69M (roughly double the prior quarter's $34.9M); company states funding visibility beyond December 2027 based on its operating plan.
Progression of Customer Programs to Late Stages
Three programs advanced to Stage 3 (prototype → final product) in 2025 and a fourth Fortune Global 500 customer added in 2026; ~15 additional engagements progressing through Stage 1 and Stage 2.
Major Foundry Engagements and Tape-Outs
Agreements in place with four major foundries (SilTerra, GlobalFoundries and two others) with wafer runs underway or scheduled in H1 2026; SilTerra tape-out completed with device characterization expected mid‑2026. Multiple foundry PDK/PDK integrations underway to enable customer design wins.
Back‑End and Manufacturing Readiness
Initiated a production ramp-up program in Denver (2025) to support multiple wafer sizes, improve yield/cycle time/equipment efficiency, and plan to onboard 1–2 external partners in 2026 to scale back-end of line manufacturing.
Market Opportunity and Alignment with Silicon Photonics
Market context: Ethernet optical transceivers ≥100G and CPO reached ~$16.5B in 2025 and projected ~$26B in 2026 (~60% growth). Silicon photonics share growth (10% in 2018 → 33% in 2024, expected dominant in 2026) supports the company’s strategy of enhancing silicon photonics with Perkinamine electro‑optic polymers.